v3.19.1

Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt

Our debt at December 31, 2018 and 2017, was as follows (in millions):

	2018				2017
Senior Unsecured Notes	$	3,036			$	3,417
First Lien Term Loans	2,976				2,995
First Lien Notes	2,400				2,396
Project financing, notes payable and other	1,264				1,498
CCFC Term Loan	974				984
Capital lease obligations	105				115
Corporate Revolving Facility	30				—
Subtotal	10,785				11,405
Less: Current maturities	637				225
Total long-term debt	$	10,148			$	11,180

Schedule of Maturities of Long-term Debt

Annual Debt Maturities

Contractual annual principal repayments or maturities of debt instruments as of December 31, 2018, are as follows (in millions):

2019	$	642
2020	246
2021	259
2022	1,019
2023	2,535
Thereafter	6,217
Subtotal	10,918
Less: Debt issuance costs	112
Less: Discount	21
Total debt	$	10,785

Senior Unsecured Notes

Senior Unsecured Notes

Our Senior Unsecured Notes are summarized in the table below (in millions, except for interest rates):

	Outstanding at December 31,								Weighted Average Effective Interest Rates(1)
	2018				2017				2018			2017
2023 Senior Unsecured Notes	$	1,227			$	1,239			5.6	%		5.6	%
2024 Senior Unsecured Notes	599				644				5.7			5.7
2025 Senior Unsecured Notes	1,210				1,534				6.0			6.0
Total Senior Unsecured Notes	$	3,036			$	3,417

____________

(1) Our weighted average interest rate calculation includes the amortization of debt issuance costs.

Debt Instrument Redemption [Table Text Block]

		Principal Repurchased				Cash Paid				Gain on Extinguishment of Debt
						(in million)
2023 Senior Unsecured Notes		$	14			$	13			$	1
2024 Senior Unsecured Notes		46				42				4
2025 Senior Unsecured Notes		330				300				30
Total		$	390			$	355			$	35

First Lien Term Loans

First Lien Term Loans

Our First Lien Term Loans are summarized in the table below (in millions, except for interest rates):

	Outstanding at December 31,								Weighted Average Effective Interest Rates(1)
	2018				2017				2018			2017
2019 First Lien Term Loan	$	389			$	389			4.9	%		4.1	%
2023 First Lien Term Loans	1,059				1,064				5.4			4.6
2024 First Lien Term Loan(2)	1,528				1,542				5.0			4.2
Total First Lien Term Loans	$	2,976			$	2,995

____________

(1) Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.

(2) Our 2024 First Lien Term Loan carries substantially similar terms as our 2023 First Lien Term Loans as discussed below.

First Lien Notes

First Lien Notes

Our First Lien Notes are summarized in the table below (in millions, except for interest rates):

	Outstanding at December 31,								Weighted Average Effective Interest Rates(1)
	2018				2017				2018			2017
2022 First Lien Notes	$	743			$	741			6.4	%		6.4	%
2024 First Lien Notes	486				485				6.1			6.1
2026 First Lien Notes	1,171				1,170				5.5			5.5
Total First Lien Notes	$	2,400			$	2,396

____________

(1) Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.

Project Financing Notes Payable and Other

The components of our project financing, notes payable and other are (in millions, except for interest rates):

	Outstanding at December 31,								Weighted Average Effective Interest Rates(1)
	2018				2017				2018			2017
Russell City due 2023	$	341			$	401			6.5	%		6.4	%
Steamboat due 2025	384				414				4.5			4.7
OMEC due 2024(2)	218				294				7.1			7.2
Los Esteros due 2023	163				191				4.7			5.3
Pasadena(3)	76				89				8.9			8.9
Bethpage Energy Center 3 due 2020-2025(4)	53				60				7.1			7.1
Other	29				49				—			—
Total	$	1,264			$	1,498

_____________

(1) Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.

(2) On December 19, 2018, we refinanced the project debt associated with OMEC which lowered the aggregate debt balance to $220 million and extended the maturity to August 2024. In the event that the OMEC put option is exercised, the debt will become payable on November 3, 2019. See Note 7 for further information related to the OMEC put option.

(3) Represents a failed sale-leaseback transaction that is accounted for as financing transaction under U.S. GAAP.

(4) Represents a weighted average of first and second lien loans for the weighted average effective interest rates.

CCFC Term Loans

CCFC Term Loan

Our CCFC Term Loan is summarized in the table below (in millions, except for interest rates):

	Outstanding at December 31,								Weighted Average Effective Interest Rates(1)
	2018				2017				2018			2017
CCFC Term Loan	$	974			$	984			4.9	%		4.6	%

____________

(1) Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.

Schedule of Future Minimum Lease Payments for Capital Leases

Capital Lease Obligations

The following is a schedule by year of future minimum lease payments under capital leases and a failed sale-leaseback transaction related to our Pasadena Power Plant together with the present value of the net minimum lease payments as of December 31, 2018 (in millions):

	Sale-Leaseback Transaction(1)				Capital Lease				Total
2019	$	21			$	19			$	40
2020	21				19				40
2021	21				17				38
2022	16				17				33
2023	6				21				27
Thereafter	20				72				92
Total minimum lease payments	105				165				270
Less: Amount representing interest	29				60				89
Present value of net minimum lease payments	$	76			$	105			$	181

____________

(1) Amounts are accounted for as a financing transaction under U.S. GAAP and are included in our project financing, notes payable and other amounts above.

Schedule of Line of Credit Facilities

Corporate Revolving Facility and Other Letters of Credit Facilities

The table below represents amounts issued under our letter of credit facilities at December 31, 2018 and 2017 (in millions):

	2018				2017
Corporate Revolving Facility	$	693			$	629
CDHI	251				244
Various project financing facilities	228				196
Other corporate facilities	193				—
Total	$	1,365			$	1,069

Fair Value, by Balance Sheet Grouping

The following table details the fair values and carrying values of our debt instruments at December 31, 2018 and 2017 (in millions):

	2018								2017
	Fair Value				Carrying Value				Fair Value				Carrying Value
Senior Unsecured Notes	$	2,803			$	3,036			$	3,294			$	3,417
First Lien Term Loans	2,877				2,976				3,043				2,995
First Lien Notes	2,299				2,400				2,437				2,396
Project financing, notes payable and other(1)	1,209				1,188				1,439				1,409
CCFC Term Loan	938				974				1,000				984
Corporate Revolving Facility	30				30				—				—
Total	$	10,156			$	10,604			$	11,213			$	11,201

____________

(1) Excludes a lease that is accounted for as a failed sale-leaseback transaction under U.S. GAAP.

X

- Definition

[Table Text Block] for CCFC Notes and CCFC Term Loans [TableTextBlock]

+ References

No definition available.

+ Details

Name:	cpn_CCFCNotesandCCFCTermLoansTableTextBlock
Namespace Prefix:	cpn_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

First lien notes table text block

+ References

No definition available.

+ Details

Name:	cpn_FirstLienNotesTableTextBlock
Namespace Prefix:	cpn_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

First Lien Term Loans [Table Text Block]

+ References

No definition available.

+ Details

Name:	cpn_FirstLienTermLoansTableTextBlock
Namespace Prefix:	cpn_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Project Financing Notes Payable and Other [Table Text Block]

+ References

No definition available.

+ Details

Name:	cpn_ProjectFinancingNotesPayableAndOtherTableTextBlock
Namespace Prefix:	cpn_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Senior Unsecured Notes [Table Text Block]

+ References

No definition available.

+ Details

Name:	cpn_SeniorUnsecuredNotesTableTextBlock
Namespace Prefix:	cpn_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption.

+ References

No definition available.

+ Details

Name:	us-gaap_DebtInstrumentRedemptionTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Name:	us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737

+ Details

Name:	us-gaap_ScheduleOfFutureMinimumLeasePaymentsForCapitalLeasesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Name:	us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

+ Details

Name:	us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration